Author: rafferty

Voya takes on bigger rivals with new RIA channel

September 3, 2015

By Mason Braswell, Investment News

New platform will let the firm offer affiliation options like those at larger broker-dealers such as LPL and Raymond James

Voya Financial Inc. is casting its lot with a number of other large broker-dealers looking to capitalize on the rapid growth in fee-based business by opening a new channel aimed at advisers with their own registered investment adviser.

The hybrid RIA platform, which will be open to advisers with $100 million or more in assets under management, will allow investment advisers to use Voya’s platform and broker-dealer for commission-based business while operating under their own brand and filing their own ADV form, according to Andre Robinson, head of advisory services at Voya.

SEC Finds Shady Practices in BDs’ Structured Product Sales

August 25, 2015

By Melanie Waddell, ThinkAdvisor

Violations included heavy sales to customers who were elderly, didn’t speak English or had a conservative investment objective

A recent exam by the Securities and Exchange Commission of 10 broker-dealers’ branch offices revealed “significant deficiencies” in the BDs’ suitability and supervision of sales of structured securities products to investors.

Violations included an over-concentration of sales to customers who were non-English speaking, elderly or had a conservative investment objective. One firm had even retroactively changed customers’ stated investment objectives in order to sell them more structured products.

The SEC’s Office of Compliance Inspections and Examinations released Tuesday a risk alert detailing the findings of exams conducted on 10 branch offices of registered broker-dealers that distribute SSPs issued by their parents or affiliates or by unaffiliated third parties.